Bitcoin dropped below $69,000 for the first time in almost two months amid a severe market downturn. The broader cryptocurrency market experienced heightened volatility, driven by macroeconomic pressures and intense selling activity.
Following a peak of $81,000 following the midterm elections, bitcoin faced sustained bear pressure. The asset initially retreated below $76,000, traded sideways, and then slipped under $74,000 at the start of the week. Additional selling followed a consumer price index (CPI) reading that pushed the price below $73,000. Despite a brief rebound attempt toward $75,000, subsequent market developments—including news regarding Jensen Huang's resignation and rising tensions in the Middle East—pushed bitcoin down to $71,000 before breaking below the $70,000 and $69,000 thresholds.
Altcoins mirrored bitcoin's downward trajectory. Ethereum (ETH) declined by 6% to trade near $1,925, while Ripple's XRP token approached the $1.00 level. Other notable tokens, including SOL, ZEC, DOGE, XMR, and WBT, also registered losses exceeding 6% over a 24-hour period.
According to CoinGlass data, the rapid price declines resulted in more than $1.4 billion in total liquidated positions over 24 hours. Long positions accounted for $1.26 billion of the total, while short positions made up $155 million. Bitcoin led liquidations at $742 million, followed by Ethereum at $250 million. The number of wiped-out traders surpassed 170,000.
